First Republic Bank’s (FRB) credit rating was downgraded to junk by two rating agencies, causing its stock to dive. Fitch Ratings and S&P Global Ratings announced their concerns on March 15 that there was a risk that depositors could pull their funds from the California-based bank, despite promised federal intervention. S&P Global lowered the bank’s credit rating…
First Republic Bank Credit Rating Downgraded to Junk, Causing Stock to Plunge
March 16, 2023
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Moody’s Cuts Russia Rating to Ca on Rise in Default Risk
LONDON—Moody’s cut its credit rating on Russia to Ca on Sunday and kept a negative outlook, citing central bank capital controls that would restrict cross-border payments including on debt. The downgrade is “driven by severe concerns around Russia’s willingness and ability to pay its debt obligations,” the rating agency said, adding that default risks had…
Australia Retains AAA Credit Rating
Australia has kept its triple-A credit rating and is expected to lower its budget deficit considerably as the country wraps up stimulus measures and its economy recovers from the COVID-19 downturn, according to U.S. credit rating agency, S&P. The global authority in credit rating had anticipated that Australia would experience economic growth in the December…
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